Fidelity and Guaranty Life edged up to a record high on Tuesday after Bloomberg said Blackstone Group (BX) and Ares Management (ARES) are among the bidders for the company. They are preparing to make a new round of bids for Fidelity after submitting offers for the company about a month ago, sources told Bloomberg.
Athene Holding Ltd., the Apollo Global Management LLC (APO)-backed annuities seller that analysts pegged as a likely buyer, may still bid for Fidelity despite earlier being bumped from the sale process after making an offer that wasn’t deemed high enough, the people reportedly said. A deal for Fidelity could be reached as soon as the end of May, one of the people reportedly said. At least one other potential suitor is still participating in the auction, another person told Bloomberg.